FxWirePro: USD/CAD maintains bullish bias with focus on 1.3600 levels
USD/CAD gathered upward momentum on Thursday as dollar was lifted by a stronger U.S. jobs report on Friday which saw investors bets that the U.S. Federal Reserve will increase rates next week. The number of Americans fil…
USD/CAD gathered upward momentum on Thursday as dollar was lifted by a stronger U.S. jobs report on Friday which saw investors bets that the U.S. Federal Reserve will increase rates next week.
The number of Americans filing for unemployment benefits last week rebounded from a near 44-year low, but continued to point to a tightening labor market.
Initial claims for state unemployment benefits increased 20,000 to a seasonally adjusted 243,000 for the week ended March 4, the Labor Department said on Thursday.
Expectations have steadily continued in recent weeks following stronger-than-expected U.S. economic figures and comments by key Fed policymakers.
Traders will closely follow Friday's U.S. nonfarm payrolls report as an indicator of labor market health that could set the tone for the Fed's policy statement.
Currently the pair is trading at 1.3510 levels, it is set to advance further towards 1.3560 and later 1.3600 levels in the short term.
Major support can be seen at 1.3385, break below this level will expose the pair to next support level at 1.3000.
Immediate resistance can be seen at 1.3123, break above this level will expose it towards 1.3171 levels.
